What will a hung parliament mean for pensions and savings policy?

Tom McPhail, Head of policy at Hargreaves Lansdown, said: "It is clear that the policy centre of gravity has shifted in favour of the Labour position. This probably means even if we get a minority Conservative government there will be less austerity, more government spending, more of a tax burden imposed on the wealthy."

Hargreaves Lansdown say the Triple Lock is now "undoubtedly here to stay until 2020 and possibly for longer", as the Conservatives were alone in campaigning for its abolition after 2020.

The increase in the personal allowance to £12,500 is still expected to happen, but increasing the higher rate threshold "may not be so easy to deliver now and the tax burden on the wealthy and higher earners is only likely to increase".

A review of pension taxation is also unlikely, but savers have been warned to "expect more salami-slicing of allowances, including the Money Purchase Annual Allowance".

Hargreaves Lansdown says the argument in favour of a savings commission to produce a consensus policy looks stronger and "hopes this will become a priority for the next government".